Bowleven reaches mutually acceptable agreement with Petrofac

Bowleven has reached a mutually acceptable agreement with Petrofac to terminate the Strategic Alliance Agreement. This satisfies one of the conditions of the LUKOIL and NewAge farm-out transaction announced on 24 June 2014. The termination agreement is subject to completion of the farm-out.

Under this arrangement Bowleven will pay $9 million to Petrofac upon completion of the farm-out transaction as full and final settlement and the Strategic Alliance Agreement shall terminate.

Introducing PurgeNet™ and AccessoriesAug 17, 2017 Monitoring the oxygen level before, during and after welding is essential. Welding in an environment of less then 100 ppm for stainless steel and less than 20 ppm for titanium ensures that welds are free from oxidation.